Vernalis

This stock is not currently held in the Woodford portfolios

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Commentary

Strategic review and restructuring

Vernalis announced earlier this month that it had missed its 2017-2018 guidance target for Tuzistra. It now believes it has exhausted all its options to boost the sales growth of this product. As a result of the miss and what it implies for potential peak sales, the company has revised its expected commercial trajectory and concluded that it is no longer financially viable to sustain an independent US commercial sales and marketing operation.

The company has therefore confirmed it is looking to dispose of the asset and wind down its US commercial operations. Meanwhile, it is exploring strategic options to realise shareholder value, including the potential sale of the business as a whole. Although this a disappointing outcome for Vernalis’ cough cold franchise, we believe management is taking appropriate action to recover what value it can for its shareholders.

Saku Saha
15 March 2018

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